Beach Colony Resort

The Beach Colony Resort is was named in Forbes’ list of best hotels in Myrtle Beach South Carolina!

These units offer an impressive selection of meticulously designed condos that cater to diverse lifestyles and preferences.

Units Range from Efficiency to 4-bedrooms, having both oceanfront and Oceanview units, and offer square footage as low as 350 square feet and as high as 1,500 square feet.

While smaller units may be perfect for couples, larger units that have expansive multi-bedroom layouts could be ideal for families and larger groups like golfers. Beach Colony Resort condos provide a range of options to suit your needs.

About Unit 1901.

Introducing an unparalleled opportunity in one of the most sought-after vacation destinations on the East Coast! Nestled within the vibrant community of Myrtle Beach, this stunning oceanfront retreat offers an ideal blend of luxury, convenience, and investment potential.

Welcome to your slice of paradise: a breathtaking 2-bedroom, 2-bathroom end unit with a thoughtfully designed split floor plan. Floor-to-ceiling windows frame panoramic vistas of the majestic Atlantic Ocean and the Golden Mile of Myrtle Beach, providing an exquisite backdrop to every moment spent in this coastal haven.

Impeccably renovated in 2022, this residence boasts new luxury vinyl plank flooring, a modern refrigerator, and a fresh coat of paint throughout, ensuring both style and functionality. The fully equipped kitchen features elegant granite countertops, a cozy breakfast bar, and brand-new appliances, offering the perfect space to entertain or indulge in culinary delights.

For added convenience, this turnkey property comes fully furnished, complete with the luxury of an in-unit washer and dryer—a testament to effortless coastal living. Beach Colony, renowned for its exceptional amenities, presents a wealth of leisure options, including private parking, indoor/outdoor pools, rejuvenating hot tubs, a tranquil lazy river, and a vibrant tiki bar. Indulge in delectable dining experiences at onsite restaurants, peruse charming boutiques at the gift shop, or maintain your wellness routine at the fitness center—every day promises endless possibilities.

The reasonable HOA fee encompasses all utilities, from electric to Wi-Fi, ensuring worry-free ownership and maximizing rental potential. Whether you seek an idyllic second home to escape harsh weather or a potential lucrative investment opportunity in a thriving market, this is the home you've been dreaming of.

Don't miss your chance to experience coastal living at its finest—schedule a viewing today and seize this extraordinary opportunity to own a piece of Myrtle Beach's unparalleled allure. Your oceanfront oasis awaits!

Accommodation & Amenities.

Beach Colony offers accommodations such as separate living rooms in Suites & Condos, Kitchens in many accommodations, Free Wi-Fi, and linen and towel services.

Guests enjoy 2 outdoor pools, lazy river, indoor pool, outdoor kiddie pool, indoor whirlpool, and an outdoor whirlpool.

Onsite Vs Offsite Property Management

Some Oceanfront Resorts won’t allow an owner’s tenants to use onsite amenities if the owner uses offsite property management. However, at Beach Colony Resort, even if you use offsite property management, your tenants can use all the amenities.

NOTE: Owners who are on the onsite rental program have the benefit of receiving “RESORT FEE CREDIT” annually to be used towards upgrading their unit.  (Resort Fee is a charge to the guests and Beach Colony splits 60% of this with the owners on their program) This is basically “Free money” to use only toward upgrading your unit and organized through the onsite homeowner relations office.  This helps our owners maintain their unit and maintains the value of the resort.  When buyers purchase a specific unit that is on the onsite program, you can ask to see if there is any “resort fee credit” money on account as many owners do not use the money and the money stays with the unit – not the owner.  So, if a unit sells and the owner hasn’t used the money, often times there a thousands of dollars in that unit’s account that transfers with sale to the new owners. 

What does the HOA Include?

The HOA includes Electric Common, Water and Sewer, Trash Pickup, Elevator Service, Pool Service, Security, Rec. Facilities, Master Antenna/Cable TV, Common Maint/Repair, Electric In Unit, Internet Access, Pest Control.

How Does the Location Serve My Guests?

9 Minutes from Myrtle Beach Boardwalk and Promenade

7 Minutes from Broadway at the Beach

10 Minutes from Family Kingdom

13 Minutes from Walmart Supercenter

7 Minutes from Top Golf

15 Minutes from Medieval Times Dinner and Tournament

18 Minutes from Market Common/Savannah’s Playground

14 Minutes from Coastal Grand Mall, Costco, and Best Buy

16 Minutes from Springmaid Pier

14 Minutes from Apache Pier

14 Minutes from Myrtle Beach International Airport

15 Minutes from River Oaks Golf Club

11 Minutes from Grande Dunes Resort Club

18 Minutes from Barefoot Resort & Golf

7 Minutes from Myrtlewood Golf Club

15 Minutes from World Tour Golf Links

8 Minutes from Pirates Voyage

8 Minutes from Grand Strand Medical Center

14 Minutes from Tanger Outlets

18 Minutes from Barefoot Landing  

Only Minutes from many great restaurants on Ocean Blvd and Bus 17

How Do My Guests Navigate the Area?

Take Bus 17 North to reach North Myrtle Beach and Little River

Take Bus 17 South to reach Surfside Beach, Garden City, Murrells Inlet and Pawleys Island.

Take Bus 17 to Hwy 501 to go inland (West) towards Forestbrook, Pine Island, or Carolina Forest Communities to reach Conway, SC

Take Bus 17 South to Hwy 501 to Hwy 31 and go north to reach Carolina Forest and North Myrtle Beach

Take Bus 17 to Hwy 501 to Hwy 31 and go south to reach Socastee

Take Bus 17 to Hwy 501 to Hwy 17 Bypass South to reach Garden City and Murrells Inlet

Take Bus 17 to Hwy 501 to Hwy 17 Bypass North to merge into Bus 17 and reach North Myrtle Beach and Little River

How did Beach Colony Resort on the Boardwalk Appreciate?

In 2014, the average unit across all types had a purchase price of $116,492. In 2023, the average unit across all types had a purchase price of $235,809. This an increase in appreciated value of $119,317. In the last 10 years, Beach Colony Resort on the Boardwalk appreciated 102%.

Depreciation.

Assuming that the purchase price of Unit 1901 is the same as the appraised value at $421,750, when this appraised value is divided over 27.5 years for depreciation, this gives you an annual taxable income deduction of $15,336.36 for this rental property.  If that doesn’t get you excited, just wait until you see how this unit has appreciated!

What are Occupancy Rates Like in Myrtle Beach South Carolina?

Currently, there’s plenty of room to increase the profitability of your rental property by increasing your annual occupancy, but first let’s see just how much room there is to grow so that we can also better understand how the size of the unit impacts its rental performance.

2 Bedroom Units Across All Property Types

The average 2-bedroom rental in our market across all property types averages 146 nights booked, which is 40% of the year, has a daily average rental rate of $146 and brings in between $22,551 and $33,178 each year in Gross Rental Income. 2 Bedroom rental properties make up around 29% of the Myrtle Beach South Carolina rental market.

Which unit type should I invest in?

The top performers were a 3-bedroom unit that booked 272 nights and a 4-bedroom that had an average daily rate of $501.

How to Increase Occupancy

Offer Vacation Packages to Increase Occupancy.

It’s simple. Just offer three different vacation packages to your tenants. One at $500, one at $1000, and one at $1500 and then fill those vacation packages with gift cards to the best restaurants, paid for attractions like shows, local events, and concerts, and even include more concierge options like rose pedals, bath robes, and gifts for him and her.  You’ll most likely find that your tenants will be thrilled that you put this level of work into their vacation, they’ll gladly pay the convenience fee of each package, and most importantly, want to return year after year.

What’s this do for you? Repeat and Loyal Business.

You’re more likely to have satisfied and therefore repeat customers who will rent your property year in and you’re out, repeatedly. Two-things impact your rental business because of the yearly repeat tenants: you can successively build your Gross Rental Income (GRI) each year upon the next year—growing your book of business—and, due to the loyalty of your tenants, you may be insulated from the ups and downs of the rental market. In other words, if the rental market has a bad year overall, because your tenants are loyal, you may not see a significant reduction in Gross Rental Income. They very well could choose to cut expenses elsewhere in their budget because they just don’t want to give up their dream vacation, even when the economy struggles along.

Run Facebook Ads Targeting Groups that Visit Our Market for Local Events and Golf.

Here are my picks for your top 4 groups to run Facebook Ads to in order to increase your occupancy:

1.    Golfers. Myrtle Beach has over 90 Golf Courses. Spring time is when golfers begin arriving.

2.    Marathon Runners. Myrtle Beach Marathon: Held typically in late February or early March, this event attracts runners from all over the country. It includes a full marathon, half marathon, and other races.

3.    Country Music Lovers. Carolina Country Music Fest: Held in June, this multi-day music festival features some of the biggest names in country music performing on stages set up along the Myrtle Beach Boardwalk.

4.    Bikers. Myrtle Beach Bike Week: Both spring and fall editions of Bike Week attract motorcycle enthusiasts to the area for rallies, rides, and entertainment.

How 4+ Bedroom Condos Increase Occupancy

Myrtle Beach has over 90 golf courses and many golfers travel here during the Spring each year to play. You can run Facebook Ads to target groups of golfers that will rent your larger unit during golf season to bolster your gross rental income.

Do I Buy an Oceanfront Condo as a Second Home or Investment Property?

Buying as a Second Home.

If you buy as a Second Home, you cannot rent the property more than 180 days each year.

You must occupy the property 3 weeks out of the year

You must qualify with current and new housing costs

Primary Residence can’t be within 75 miles of the Second Home

If you do buy as a second home, you should get a better interest rate and lower down payment.

Buying as an Investment Property.

If you buy as an Investment Property, you can rent the property for more than 180 days each year.

You do not have to occupy the property.

You may not have to qualify with current and new housing costs if the property has historical rental income.

When you buy as an investment property, you will have to pay personal property taxes on the furnishings in your unit.

If you buy as an Investment Property, you won’t get as good of an interest rate, and you’ll have a higher down payment, but you have the option of doing a 1031 Like-kind exchange.

Remodeling.

A smart approach for many investors is to buy a dated Oceanfront Condo for cheaper than market price, a unit that needs remodeling, and then remodel the unit so that it maximizes Gross Rental Income. When prospective tenants are searching online for the best vacation rentals, they’re more likely to choose the nicest, more updated units when comparing rentals.

Several things increase the desirability of the unit for tenants such a LVP flooring, fresh paint, new fixtures and faucets, backsplash, barnyard doors, wainscoting, fireplace inserts, flat screen Tv’s, and new furniture to name a few. You might even consider leaving a telescope on the balcony so that your guests can enjoy the stars.

I had a client once that listed their property with a different agent before me and couldn’t get it sold. Based on feedback from showings after the property was listed with me, we remodeled the unit. The property went under contract in only 23 days after the remodel, when before it wouldn’t sell.

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Beach Colony Market Report.

This Market Report is as of 03-09-2023.

Active Properties.

4 Active Properties

Average Price: $412,937

Average Days on Market: 51 days

Sellers are not likely to reduce their price due to low competition.

Under Contract.

4 Properties Under Contract

Average Price: $262,450

Average Days on Market: 61 days

When a property is nice or updated, it sells quickly. Have your pre-approval or proof of funds ready so you can make an offer when you see a unit you like.

Sold Properties.

5 Properties Sold in last 6 months

Average Sold Price: $209,280

Average Days on Market: 93 days

Sold/Listed$: 96.47%

Almost all properties listed sell in Beach Colony. Come prepared to buy. Properties are selling so don’t let another buyer get the best deal on the condo you want.

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What is the Projected Profitability for these Units?

In 2023, this type 2 Bedroom Oceanfront unit at Beach Colony Resort brought in a high of $72,250 and ranges between $47,000 - $55,000 in Gross Rental Income.

Paying with Cash.

As of 2023, this 2 Bedroom Oceanfront unit generates on the high end of the range $55,000 in Gross Rental income. If using a property manager that charges 10%, your expense should be $5,500 which brings you to a subtotal of $49,500.00 after property management fees are paid.

With estimated taxes—based on 2020—at $3,293.40, cleaning services—based on 27 bookings annually at $150 per cleaning—at $4,050, estimated HO6 insurance at $1,000, and annualized HOA dues at $10,704, your estimated expenses are $19,047.40.

Subtracting from your subtotal (after property management fees) of $49,500, for your total estimated expenses of $19,047.40, your projected profit is $30,452.60.

Paying with Financing.

As of 2023, this 2 Bedroom Oceanfront unit generates on the high end of the range $55,000 in Gross Rental income. If using a property manager that charges 10%, you’ll expense should be $5,500 which brings you to a subtotal of $49,500.00 after property management fees are paid.

At a purchase price of $421,750, your 15% down payment is $63,262. Assuming an 8.24 interest rate for 30 years with a down payment of 15%, your principal and interest totals $33,396.00. With estimated taxes—based on 2020—at $3,293.40, cleaning services—based on 27 bookings annually—at $4,050, Estimated HO6 insurance at $1,000, and annualized HOA dues at $10,704.00, your estimated expenses are $ $55,383.40.

Subtracting from your subtotal (after property management fees) of $49,500.00, for your total estimated expenses of $55,383.40, your projected profit is a loss of -$5,883.40.

Call today to discuss your next Oceanfront Condo purchase in the Myrtle Beach Real Estate Market: 843-360-1737

Disclaimer: All information given is meant to be educational. I am only passing on historical information shared with me by owners, rental companies, and various publications. I am not guaranteeing these numbers, nor can I guarantee future rentals or appreciation. This information is not intended to replace your own research, or to provide legal, investment, or financial advice. Please consult an attorney for legal advice.